Peapack-Gladstone Financial Corporation $PGC Shares Purchased by Wellington Management Group LLP

Key Points

• Wellington Management increased its Peapack-Gladstone Financial stake by 6.1% in the second quarter, adding 38,797 shares to own 674,880 shares, or 3.81% of the company. Institutional investors and hedge funds collectively own 72.75% of PGC.
• Analyst sentiment remains positive overall, with an average “Buy” rating and a consensus price target of $56.33; Piper Sandler raised its target to $58, while some firms downgraded the stock to “Hold.”
• PGC reported quarterly EPS of $0.85, slightly below the $0.88 consensus, while revenue of $86.05 million exceeded estimates. The company also paid a quarterly dividend of $0.05 per share, representing a 0.4% annualized yield.

Wellington Management Group LLP raised its holdings in shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Free Report) by 6.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 674,880 shares of the financial services provider's stock after purchasing an additional 38,797 shares during the period. Wellington Management Group LLP owned about 3.81% of Peapack-Gladstone Financial worth $31,942,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of PGC. BlackRock Inc. bought a new stake in shares of Peapack-Gladstone Financial during the 2nd quarter valued at about $75,599,000. Basswood Capital Management L.L.C. bought a new position in Peapack-Gladstone Financial in the second quarter worth about $13,778,000. Bank of America Corp DE bought a new position in Peapack-Gladstone Financial in the second quarter worth about $5,411,000. Empowered Funds LLC acquired a new position in Peapack-Gladstone Financial in the second quarter valued at approximately $3,841,000. Finally, Russell Investments Group Ltd. boosted its stake in Peapack-Gladstone Financial by 255.0% in the fourth quarter. Russell Investments Group Ltd. now owns 108,782 shares of the financial services provider's stock valued at $3,030,000 after acquiring an additional 78,135 shares during the period. 72.75% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Peapack-Gladstone Financial

In related news, EVP Gregory Smith sold 1,250 shares of Peapack-Gladstone Financial stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $44.66, for a total transaction of $55,825.00. Following the sale, the executive vice president directly owned 12,622 shares in the company, valued at $563,698.52. The trade was a 9.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Babcock sold 5,000 shares of the stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $47.11, for a total transaction of $235,550.00. Following the completion of the transaction, the executive vice president owned 45,582 shares of the company's stock, valued at $2,147,368.02. This represents a 9.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 9,350 shares of company stock valued at $432,995 in the last ninety days. Company insiders own 5.75% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on PGC shares. Wall Street Zen cut Peapack-Gladstone Financial from a "buy" rating to a "hold" rating in a research report on Sunday, July 26th. Zacks Research downgraded Peapack-Gladstone Financial from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 29th. Keefe, Bruyette & Woods reaffirmed a "moderate buy" rating and issued a $56.00 target price (up from $55.00) on shares of Peapack-Gladstone Financial in a research report on Monday, August 3rd. Weiss Ratings reiterated a "buy (b-)" rating on shares of Peapack-Gladstone Financial in a research note on Friday, August 7th. Finally, Piper Sandler boosted their price target on shares of Peapack-Gladstone Financial from $54.00 to $58.00 and gave the company an "overweight" rating in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Peapack-Gladstone Financial currently has an average rating of "Buy" and a consensus price target of $56.33.

Peapack-Gladstone Financial Trading Up 1.0%

PGC opened at $46.38 on Friday. The business's 50 day moving average is $46.17 and its 200-day moving average is $41.72. The stock has a market cap of $822.32 million, a PE ratio of 16.10 and a beta of 0.70. Peapack-Gladstone Financial Corporation has a twelve month low of $24.71 and a twelve month high of $49.14.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last posted its earnings results on Monday, July 27th. The financial services provider reported $0.85 EPS for the quarter, missing the consensus estimate of $0.88 by ($0.03). The business had revenue of $86.05 million during the quarter, compared to analyst estimates of $85.17 million. Peapack-Gladstone Financial had a net margin of 11.09% and a return on equity of 7.82%. As a group, analysts forecast that Peapack-Gladstone Financial Corporation will post 3.58 EPS for the current year.

Peapack-Gladstone Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Thursday, August 13th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Thursday, August 13th. Peapack-Gladstone Financial's dividend payout ratio (DPR) is 6.94%.

About Peapack-Gladstone Financial

Peapack-Gladstone Financial Corporation is the parent company of Peapack-Gladstone Bank, a New Jersey-chartered commercial bank headquartered in Bedminster, New Jersey, that trades on the NASDAQ under the symbol PGC. Through Peapack-Gladstone Bank, the company offers a broad range of deposit and lending solutions, including checking and savings accounts, residential and commercial real estate loans, lines of credit and treasury management services. Clients benefit from both in-branch relationship banking and an expanding suite of digital banking tools designed to support personal and business financial needs.

Complementing its core banking operations, Peapack-Gladstone Financial provides wealth management, trust and financial planning services through its subsidiary, Peapack-Gladstone Wealth Management.

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